Detroit Michigan - Investing in Cheap Foreclosure Real Estate - Detroit is well known for it's cheap foreclosure real estate. With Michigan recently ranked as the 7th highest foreclosure state in the US and with an estimated 42% decline in values, it's no wonder investors from all over the world flock to Detroit to buy cheap investment properties. Investors are buying properties in the city in some cases for under $10,000! The idea is to renovate the properties and rent them for cash flow until the market rebounds and appreciates in value.
However, many investors are finding the process to be very challenging. Local local investor, Jerry Norton explains why: "Non-local investors run into 2 major challenges.